Christies auction falls short by half of estimated prices
Washington - Art has not escaped the downward pressure of the economy, as Christies failed to get even half of the minimum prices expected for a raft of late 19th and 20th Century artworks. The New York auction house brought in only 47 million dolla...

[ Published on : Thu, 06 Nov 2008 07:39 ]

Brown sets April date for G20 meeting in London - Summary
London - Leaders from the Group of 20 (G20) nations will hold a summit meeting in London on April 2 next year to address the global economic crisis, British Prime Minister Gordon Brown said Wednesday. Future US President Barack Obama would attend the...

[ Published on : Wed, 26 Nov 2008 10:25 ]

Damien Hirst not immune to financial crisis as jobs are shed
London - Even star artists are not insulated from the effects of the spreading global financial crisis it seems, as British artist Damien Hirst announced that his company will be shedding jobs in response to the economic downturn, the Guardian report...

[ Published on : Sat, 22 Nov 2008 09:22 ]

Race is on to rescue Woolworths brand following administration
London - Administrators called in by collapsed retail group Woolworths in Britain said Thursday that efforts were under way to find a buyer for the giant High Street chain. Accountancy firm Deloitte said it had received expressions of interest from ...

[ Published on : Thu, 27 Nov 2008 08:25 ]

British government to become major stakeholder in RBS bank
London - The British government is to own a majority share of almost 58 per cent in the Royal Bank of Scotland (RBS) after shareholders failed to take up a rights issue to inject new capital into the ailing bank. RBS announced Friday that only 0.24 p...

[ Published on : Fri, 28 Nov 2008 04:26 ]

European central banks cut rates to ward off recession - Update
London/Frankfurt - Faced with a looming recession and rapidly falling inflation, the European Central Bank (ECB) cut rates by 50 per cent Thursday as monetary authorities around the world step up efforts to cut the cost of money. The ECBs move follo...

[ Published on : Thu, 06 Nov 2008 09:39 ]